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USDCNH has broken back above the 6.95....>

CHINA YUAN
CHINA YUAN: USDCNH has broken back above the 6.95 level following the PBOC's
fix, but remains shy of yesterday's highs. The pair briefly broke above 6.95 in
the US session, pressured by the rout in US stocks, but managed to close back
below it. 
- The combination of still-wide US-China interest rate spreads, Chinese equity
weakness, and declining US inflation expectations all point to fundamental
downside pressure on the yuan. 
- Chinese 2-year swaps are down another 2.75bps today at 2.8025%, keeping the
US-China spread neat cycle highs, currently at 23.2bps. 
- EURCNH has found some support ahead of the 7.90 Oct 3 low, but the uptrend
from the mid-Aug lows has given way, keeping the focus on the downside. A close
below 7.90 would mark a very bearish break, suggesting a potential downside
reversal.
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